Iran draws internal investments in oil sector
Azerbaijan, Baku, March 5 / Trend T. Jafarov /
Iran introduces a new mechanism to attract more investments in oil sector by issuing bonds.
The funds, raised from the sale of bonds, will be invested in the oil sector, the director of National Iranian Oil Company, Ahmed Galebani, was quoted by SHANA news agency as saying.
The yield on the bonds was determined on a graded level: it will amount 5.5 percent in the first year, 6 percent in the second year, 7 percent in the third year and 8 percent in the last year of circulation of securities.
The term of bond circulation is four years. The securities were issued in five denominations: 1,000, 5,000, 10,000, 50,000 and 100,000 euro.
The Iranian Central Bank announced the date of placing the bonds - March 12. It will be implemented through three banks - Bank Saderat, "Trade" and Sepah.
The government has released earnings on the bonds from taxation.
During the opening ceremony of the second phase of development of Darkhovin oilfield on Feb. 8, Iranian Oil Minister Masoud Mirkazemi told media that $ 150 billion should be invested within the five-year development program in the oil and gas industries in the country.
The number of international sanctions imposed against Iran has recently increased over its nuclear program. For this reason, foreign companies operating in Iran are afraid to invest in oil and gas projects in the country. Thus, a number of major oil companies, including French "Total" and Norwegian "Statoil" abandoned oil and gas projects of Iran. The country strives to fill the their places by local investors.